MUSCAT: Oman has allowed expatriates to own real estate worth up to half a million Omani rials in the sultanate .
Oman’s Minister of Housing and Urban Planning Dr Khalfan bin Saeed Al Shuaili issued a ministerial decision that allows expat investors to buy properties.
Expatriates who will buy housing units worth between OMR 500,000 and OMR 250,000 will get a first-class residence card, while those who own homes valued below OMR 250,000 will be able to receive a second-class residence card.
Investors who have housing units that enable them to acquire first-class residence cards can also own a single property for residential, commercial or industrial use outside those areas listed for expatriate ownership.
Also Read: Saudi Arabia, Oman sign deals worth $30 bn
The property ownership by expatriates must be done without violating Royal Decree No. 29/2018 and the executive regulations issued under Ministerial Resolution No. 292/2020, which list the areas where non-Omanis in the sultanate are prohibited from owning real estate.
The areas where expatriates cannot buy properties include the governorates of Musandam, Buraimi, Dhahirah, Al Wusta and Dhofar (except for the wilayat of Salalah), and the wilayats of Liwa, Shinas, Masirah, Jabal Akhdar and Jabal Shams, and any other mountainous area of strategic importance as determined by the authorities.
from International News Today - Breaking News, US News, World News https://ift.tt/0dM6jRf
0 Comments